Chaos group benchmark10/29/2023 ![]() ![]() On Sunday, a group of countries from the OPEC+ alliance announced a surprise oil production cut of more than 1 million barrels a day, sending a shock wave through the global oil market. The benchmark serves as an indicator of the physical market for crude and acts as an anchor for Brent futures traded on exchanges. Oil-producing states often sell their barrels at small premiums or discounts to “Dated,” as it’s known in the industry. That’s the the biggest increase so far this year.ĭated Brent is the world’s most important oil benchmark, used to set prices of more than two-thirds of crude oil in the world. The Dated Brent benchmark jumped to $85.51 a barrel on Monday, up by $6.45 from Friday, according to its publisher S&P Global Commodity Insights, better known by traders as Platts. (Bloomberg) - The OPEC+ alliance’s surprise production cut and looming strikes by North Sea oil workers have boosted a key measure for oil prices across the globe. ![]()
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